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The Chinese joint venture of Silicon Valley Bank (SVB) will become a fully owned subsidiary of Shanghai Pudong Development Bank.
Silicon Valley Bank’s (SVB) Chinese joint venture will become a wholly owned subsidiary of Shanghai Pudong Development Bank (SPD) following approval to change its name to Shanghai Innovation Bank. A Chinese financial regulator confirmed this development late Friday.
SVB’s collapse last year, one of the largest in U.S. banking history, left its joint venture with SPD—SPD Silicon Valley Bank—in a precarious position. No buyers emerged to acquire SVB’s stake in the joint venture, leading to uncertainty about its future.
In a statement on Friday, the National Financial Regulatory Administration’s Shanghai branch announced that it had approved adjustments to the joint venture’s shareholder ratios, allowing SPD to hold 100% of the shares.
Additionally, the bank’s registered capital will be reduced from 2 billion yuan ($282 million) to 1 billion yuan ($141 million).
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